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Chevy Chase-Based NEA Increases Investment in Box

08/01/2012

New Enterprise Associates (NEA), the Chevy Chase-based venture capital firm, said it has increased its investment in Silicon Valley-based Box, the developer of a popular content sharing platform. The investment was part of the company's new $125 million round of funding, which included a $100 million investment from General Atlantic (GA). Other participants included previous backers Bessemer Venture Partners, DFJ Growth, SAP Ventures and Scale Venture Partners, as well as new investor Social+Capital Partnership. The company said it will use the proceeds to fuel customer support, expansion and product development activities. "This new funding allows us to invest aggressively in the talent, technology and global expansion efforts required for Box to sit at the center of this shift and define the next generation of enterprise software," said CEO Aaron Levie. Gary Reiner, an operating partner at GA and former CIO of General Electric (GE), has joined the company's board of directors. Box's platform allows users to share content internally and externally through a range of devices and apps, and extends to partner apps such as Google Apps, NetSuite and Salesforce.